At a Piper Jaffray consumer conference taking place in New York, the teen retailer said second-quarter results will not be as strong as those in te first quarter, citing weak consumer demand.
Abercrombie has previously warned about gross margin pressure in the second-quarter.
Shares of Abercrombie fell more than 3% following the news.Abercrombie & Fitch had been one of the few standouts in the teen sector, which has been grappling with inflated sourcing costs, higher gas prices and discounting. Teen unemployment has been around 20% and isn't expected to ease amid the summer hiring season. Rivals Aeropostale (ARO) and American Eagle Outfitters (AEO) reported disappointing first-quarter earnings results and issued lackluster forecasts last month. -- Written by Jeanine Poggi in New York >To contact the writer of this article, click here: Jeanine Poggi. >To follow the writer on Twitter, go to http://twitter.com/jpoggi. >To submit a news tip, send an email to: email@example.com.
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